Rewards and Recognition (R&R) State of the Market 2023: Exploring the Next Generation of R&R Platforms
In the current business environment marked by talent shortages and economic uncertainties, Recognition and Rewards (R&R) solutions play a vital role in enhancing employee engagement and productivity. Additionally, with the need to attract and retain top talent, several companies are turning to R&R solutions to foster a culture of appreciation and recognition throughout their organization. Despite being a non-revenue-generating investment, focusing on employee experience can create value in numerous tangible and intangible ways for an enterprise, nurturing a positive workplace culture, enhancing employee motivation, and driving performance.
The R&R market is growing, with a wide range of solution providers offering Software-as-a-Service (SaaS)-based platforms that can be configured and integrated with collaborative tools, Human Resource Information Systems (HRIS), and other platforms to meet each client’s unique needs. With providers investing in next-generation technologies to measure and analyze the impact of their R&R programs, companies can transition to a more data-driven and performance-based approach to employee recognition.
In this report, we analyze the R&R solutions market, understand the key growth drivers, buyer adoption trends, and investments made by providers.
Scope
- All industries and geographies
- The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading R&R solutions providers, client reference checks, and an ongoing analysis of the R&R solutions market
Contents
In this report, we analyze:
- The R&R market landscape, including market size, trends, and use cases
- Buyers’ take on the R&R market
- The provider landscape
- Key investment themes in the R&R market and outlook for market stakeholders
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